A landmark retail and office property in the heart of Montecito’s lower village has changed ownership in an off-market deal and will remain locally owned by Montecito residents.
Known as Coast Village Plaza, the approximately 19,000-square-foot building at 1187 Coast Village Road is home to Giovanni’s, the UPS Store, Sequel Salon, DaniBoy, The Tennis Shop, Riviera Smiles, Norvell Bass Cleaners, Richie the Barber and Scoops Gelato, among others.
The new owners, Hank Hurst and Richard Rosin of H&R Investments, purchased the property from the Zdenek Family Trust, which held the property since it was built in 1978. The sale price of more than $13 million ranks third historically in sale price for commercial property in Montecito. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented both parties in the transaction.
In addition to its prime location in the center of the retail and business corridor, the property features more than 60 parking spaces and 250 feet of building frontage on Coast Village Road.
“This is an incredible property,” DeJohn said. “And having owners who live around the corner and are truly invested in the community is a real bonus for Montecito.”
H&R Investments has submitted plans to the city for exterior improvements, including a new color scheme, signage, lighting, decking and patios, roof, landscaping and renovation of the parking lot. The new owners are excited about the makeover, which will complement other emerging projects, such as Olivers’s Market across the street and the old nursery site under development at 1255 Coast Village Road
“The care with which Hank and Rich are approaching the improvements to the property reflects a pride of ownership that you just don’t see in a typical commercial investor,” Hayes added.
The sale marks the third-highest priced commercial transaction on record in Montecito, after the sale of the Starbucks center (1046 Coast Village Road) earlier this year and the Old Firehouse building (1486 East Valley Road) in 2013. Montecito’s lower village has seen seven commercial sales in the last two years totaling $50 million in value. During that same period, DeJohn and Hayes have brokered 31 commercial sales on the South Coast of Santa Barbara County valued at $162 million.
— Ted Hoagland is a marketing director for Hayes Commercial Group.